Gold reached the $2,530 – $2,550 area

The bearish movement of gold prices has reached the $2,530 – $2,550 area and show slight bullish reactions yesterday. The price is mostly sideways today and might close the day near the opening level. As mentioned before, traders could use the area and the green box area for long positions when there are bullish reactions. We still think the price could continue the bullish movement to target a new record high. A close below the daily SMA 200 is where we will admit that the trend has changed.

Today’s critical levels to watch:

Support: $2,600, $2,550, $2,530

Resistance: $2,685, $2,750, $2,800, $2,841

Silver supported by $30.00

The bearish pressure on silver prices lowered it to the $30.00 handle. The price might consolidate near the $30.00 handle for now, and traders will wait for further bullish reactions. On the upside, when the price returns above $31.50, there is a chance of a bullish continuation to target a new higher swing high.

Today’s Critical levels to watch:

Support: $30.00, $29.00

Resistance: $31.50, $32.50, $35.25

Crude oil bearish pressure at $67.20

The price of crude oil experienced further bearish pressure today at the $67.20 support level. It might break out and close below the level and continue the bearish trend. On the lower side, $65.00 will become the bearish target to watch. On the upside, the price needs to close above $70.00 and print a new higher swing high to reverse the current bearish trend.

Today’s critical level to watch:

Support: $67.20, $65.00

Resistance: $70.00, $77.13, $80.00, $83.85